Financial Performance - For the year ended March 31, 2024, the Group's revenue was approximately HK$410.0 million, a decrease of 3.0% compared to HK$422.5 million in the previous financial year[10]. - Profit attributable to owners of the Company was approximately HK$35.8 million, down from HK$183.7 million in 2023, primarily due to increased fair value losses and impairment losses[23]. - Basic earnings per share for the year were HK0.37 cents, a significant decrease from HK1.90 cents in the previous year[11]. - The decrease in revenue was mainly attributed to a reduction in brokerage commission due to lower turnover[10]. - The overall market conditions remain challenging, impacting the Group's performance and outlook[24]. - Profit for the year significantly dropped to HK$77,112,000 compared to HK$264,214,000 in 2023, marking a decline of approximately 70.8%[118]. - Total comprehensive income for the year was HK$29,885,000, reflecting a significant decline from the previous year's HK$41,311,000[153]. Impairment and Losses - The Group recorded net impairment losses on accounts receivable from margin clients of approximately HK$128.6 million, compared to HK$92.1 million in 2023[23]. - The provision for net impairment loss on accounts receivable rose to HK$128,590,000 in 2024 from HK$92,088,000 in 2023, an increase of approximately 39.7%[118]. - The loss allowance for expected credit losses on accounts receivable from margin clients is a key audit matter, reflecting the financial risks associated with securities margin financing[111]. Financial Position - As of March 31, 2024, the distributable reserves available for distribution to shareholders were approximately HK$3,171,520,000, an increase from HK$3,154,630,000 in 2023[32]. - Accounts receivable decreased to HK$1,864,483,000 in 2024 from HK$2,079,209,000 in 2023, a reduction of about 10.3%[121]. - Non-current assets totaled HK$1,782,522,000 in 2024, down from HK$1,838,705,000 in 2023, reflecting a decrease of approximately 3.1%[121]. - Total assets less current liabilities decreased to HK$6,946,048,000 in 2024 from HK$7,011,661,000 in 2023, a decline of about 0.9%[121]. - The company reported a fair value loss on Mandatory FVOCI amounting to 2,853,000[144]. - The company reported a fair value loss on Mandatory FVOCI of HK$19,561,000[153]. - The total assets as of March 31, 2024, were HK$6,941,948,000, with total liabilities of HK$1,173,192,000[153]. Cash Flow and Financing - Net cash from operating activities decreased to HK$408,853,000 in 2024 from HK$998,654,000 in 2023, reflecting a decline of 59%[178]. - Net cash used in investing activities was HK$8,449,000 in 2024, a reduction from HK$89,280,000 in 2023[178]. - Net cash used in financing activities increased to HK$228,038,000 in 2024 from HK$146,065,000 in 2023[178]. - Cash and cash equivalents at the end of the reporting period rose to HK$2,770,918,000 in 2024, compared to HK$2,598,349,000 in 2023, marking an increase of 6.6%[178]. Corporate Governance and Management - The management is focused on strategies to enhance revenue streams and mitigate losses in the upcoming financial year[24]. - The Company’s executive directors include Mr. Hung Hon Man (Chairman), Mr. Cham Wai Ho, Anthony (Deputy Chairman), and Mr. Kam, Eddie Shing Cheuk (CEO)[32]. - The Company’s independent non-executive directors include Ms. Chan Oi Chong, Mr. Leung Yiu Man, and Mr. Ho Pak Chuen Brian[32]. - The remuneration policy for employees is based on merit, qualifications, and competence as established by the Remuneration Committee[54]. Compliance and Reporting - The consolidated financial statements provide a true and fair view of the Group's financial position as of March 31, 2024, in accordance with Hong Kong Financial Reporting Standards[89]. - The audit report confirms that the financial statements have been properly prepared and comply with the disclosure requirements of the Hong Kong Companies Ordinance[89]. - The Group's consolidated financial statements are prepared in accordance with the accounting policies adopted[149]. - The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) and comply with the applicable disclosure requirements of the Listing Rules[181]. Strategic Outlook - The Group continues to explore market expansion opportunities and potential new product developments[24]. - The Group faces significant strategic risks regarding capital expenditures and working capital requirements due to rapid changes in external environments[56]. - The Group's performance and future development are analyzed in the Chairman's Statement and Management Discussion and Analysis section of the annual report[80].
结好控股(00064) - 2024 - 年度财报